It's often hard for low-income people to access credit at all, and when they do, they're more likely to have poor credit and to take out subprime credit cards with high interest rates.
Sanders also pointed out that most major world religions have banned usury, because it is "disgusting" and exploits people who are economically vulnerable, as Ocasio-Cortez indicated agreement with him.
Rep. Alexandria Ocasio-Cortez (D-N.Y.) advocated for a government-run banking option to compete with private banks, and suggested that the U.S. Postal Service could be a model for such a program, according toHot Air.
The legislation calls for a 15 percent cap on credit card interest rates, with the ability of states to establish lower limits if they wish. The two lawmakers explained their bill in a live video presentation Thursday afternoon.
"That means Americans are paying even more than that [21 percent]", Sanders noted, adding that banks borrow money from the Federal Reserve at a rate of 2.5 percent.
The bill is called the Loan Shark Prevention Act, and is something Sanders has been promoting for years. "Essentially, your credit card becomes a payday loan".
Sanders, a Democratic presidential candidate, said a decade after taxpayers bailed out the big banks at the beginning of the recession, they are making billions on credit card interest. In that interview, he conceded the plan is not likely to gain traction with the current configuration of the Senate, where there is a Republican majority.
The average annual percent rate was 17.73 percent in April, a record high, CreditCards.com reported. "Today's loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates, and head financial institutions like JP Morgan Chase, Citigroup, Bank of America, and American Express".
The proposal also would let more than 30,000 post offices provide banking services for low-income Americans who now don't have ready access to banks.
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